REG - CQS New City HighYld - Annual Financial Report
19/09/2025 07:00
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RNS Number : 9445Z CQS New City High Yield Fund Ltd 19 September 2025
19 September 2025
CQS New City High Yield Fund Limited
("NCYF" or the "Company")
Annual Report for the 12 months ended 30 June 2025
CQS NEW CITY HIGH YIELD FUND LIMITED has published its annual report. A copy
can shortly be found on the Company's website
https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd/
(https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd/) , on the National
Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/%23/nsm/nationalstoragemechanism) ) and will also be
provided to those shareholders who have requested a printed or electronic
copy.
Highlights:
· NAV total return of 6.98% for the year ended 30 June 2025
· Ordinary share price total return of 7.43% for the year ended 30
June 2025
· Dividend yield of 8.77%, based on dividends at an annualised rate
of 4.51 pence and a share price of 51.40 pence as at 30 June 2025
· Ordinary share price at a premium of 6.26% as at 30 June 2025
· £33,585,000 of equity issued during the year ended 30 June 2025
· Dividend cover of 0.98x for the year ended 30 June 2025
Caroline Hitch, Chair of New City High Yield Fund, commented: "I am very
pleased to report that the Company delivered a positive NAV total return of
6.98% for the full financial year amid a turbulent period for bond markets.
The share price also performed well, resulting in a share price total return
of 7.43% as shares continued to trade at a premium to NAV. This has enabled
NCYF to continue to issue shares to satisfy demand, which has the added
benefit of lower ongoing charges per share and greater liquidity, all other
things being equal. Exposure to high-yield bonds offers investors
diversification from traditional bonds and other asset classes, and the
portfolio, managed by Ian Francis, is well diversified across issuers and
sector. I remain optimistic that your Company will continue to deliver
attractive dividends and, over the longer term, generate some capital
appreciation as well."
Ian "Franco" Francis, Portfolio Manager at New City High Yield Fund,
commented: "Our focus across the portfolio is on shorter duration bonds of
just over three years, where we continue to see considerable opportunities for
investment, and which are less susceptible to inflation that remains sticky
across many western economies. From a geographical perspective, the UK, Europe
and Scandinavia are particularly attractive, and, with the US economy slowing,
inflation there is expected to fall."
For Further Information
CQS New City High Yield Fund Limited T: +44 (0) 20 7201 6900
E: contactncim@cqsm.com
Singer Capital Markets T: +44 (0) 20 7496 3000
Cardew Group T: +44 (0) 20 7930 0777
Tania Wild M: +44 (0) 7425 536 903
Henry Crane M: +44 (0) 7918 207 157
Liam Kline M :+44 (0) 7827 130429
E: ncyf@cardewgroup.com (mailto:ncyf@cardewgroup.com)
https://www.cardewgroup.com/ (https://www.cardewgroup.com/)
Company Secretary and Administrator T: 01534 815216
BNP Paribas S.A., Jersey Branch
Niethusha Mohanadas
About CQS New City High Yield Fund Limited
CQS New City High Yield Fund Limited aims to provide investors with a high
dividend yield and the potential for capital growth by investing in
high-yielding, fixed interest securities. These include, but are not limited
to, preference shares, loan stocks, corporate bonds (convertible and/or
redeemable) and government stocks. The Company also invests in equities and
other income-yielding securities.
Since the Fund's launch in 2007, the Board has increased the level of
dividends paid every year. As at 17 September 2025, the Company's dividend
yield was 8.77%. In addition to quarterly dividend payments, the Fund seeks to
deliver investors access to a high-income asset class across a
well-diversified portfolio with low duration to help mitigate interest rate
risk.
Further information can be found on the Company's website
at https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd/
(https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd/)
LEI: 549300KMGN75B0PTWT07
Purpose and strategy
The purpose of the Company is to provide Shareholders with a high gross
dividend yield and the potential for capital growth by mainly investing in
high yielding fixed interest securities. To achieve this, the strategy of the
Company is to follow the investment policy outlined below and to utilise the
benefits of being a closed-ended investment vehicle.
Financial Highlights
12 months to 12 months to
30 June 2025
30 June 2024
NAV and share price total return
NAV 6.98% 19.07%
Ordinary share price 7.43% 22.73%
As at As at
30 June 2025
30 June 2024
Capital values % change
Total assets less current liabilities (with the exception of the bank loan £338.8m £308.5m 9.82%
facility)
NAV per ordinary share 48.37p 49.59p (2.46)%
Share price (bid) 51.40p 52.20p (1.53)%
12 months to 12 months to
30 June 2025
30 June 2024
Revenue and dividends % change
Revenue earnings per ordinary share 4.43p 4.50p (1.56)%
Annual dividends per ordinary share 4.51p 4.50p 0.22%
Dividend cover 0.98x 1.00x
Revenue reserve per ordinary share (after recognition of annual dividends) 2.61p 2.93p
Ongoing charges ratio 1.17% 1.18%
As at As at
30 June 2025
30 June 2024
Dividend yield 8.77% 8.62%
Premium 6.26% 5.26%
Gearing 10.02% 8.28%
Dividend history Rate xd date Record date Payment date
First interim 2025 1.00p 24 October 2024 25 October 2024 29 November 2024
Second interim 2025 1.00p 23 January 2025 24 January 2025 21 February 2025
Third interim 2025 1.00p 1 May 2025 2 May 2025 30 May 2025
Fourth interim 2025 1.51p 31 July 2025 1 August 2025 29 August 2025
Annual dividend per ordinary share 4.51p
First interim 2024 1.00p 26 October 2023 27 October 2023 30 November 2023
Second interim 2024 1.00p 25 January 2024 26 January 2024 28 February 2024
Third interim 2024 1.00p 2 May 2024 3 May 2024 31 May 2024
Fourth interim 2024 1.50p 1 August 2024 2 August 2024 30 August 2024
Annual dividend per ordinary share 4.50p
Statement from the Chair
Investment and share price performance
When I last updated Shareholders in February 2025, I remarked that the Company
had made a positive return for the first six months of its financial year
amidst a very turbulent period for the bond markets. I am pleased to report
that the Company continued to achieve positive returns and the NAV total
return for the full financial year was 6.98%. Additionally, the share price
total return was marginally better at 7.43%, with shares continuing to trade
at a premium over their NAV. Thanks to the share price premium and strong
medium and longer term performance, we were able to continue issuing shares
(see below for more details), positioning the Company amongst the largest
issuers of investment company shares on the London Stock Exchange ("LSE")
during the period under review.
Stock markets remained close to all-time highs over our financial year, as
markets were able to shrug off geopolitical worries arising from the conflicts
in Russia/Ukraine and Israel/Gaza as well as a rebound from tariff anxiety
introduced by President Trump in April 2025. Lower inflation in the United
States ("US") and Europe, together with strong corporate earnings led
investors to return to the markets over the final quarter of our financial
year.
Global bond markets remain uncertain and major economies have seen a
significant increase in government bond yields. In the United Kingdom ("UK"),
10-year gilt yields ended our financial year at 4.48%, 0.35% higher than in
June 2024 even though the Bank of England base rate fell by 1.00% over this
period. Against this volatile background, the Company's portfolio performed
reasonably well, once again demonstrating the limited impact on its portfolio
investments from interest rate and yield gyrations. Further information about
the portfolio and our holdings can be read in the report by your investment
manager, Ian "Franco" Francis.
Earnings and dividends
The Company declared three interim dividends of 1.00 pence in respect of the
period and one interim dividend of 1.51 pence since the year end, making 4.51
pence in total. Revenue earnings per ordinary share were just below this
amount at 4.43 pence for the year, which compares to 4.50 pence earned in the
same period last year. When I wrote my report for our interim results, I
anticipated that this year's dividend would be covered but, since then, the
strength of Sterling reduced the Sterling value of some of our overseas income
and this, together with a missed coupon from Selecta Group, meant that we fell
very slightly short of covering the dividend. However, the Company has built
up a strong revenue reserve over past years and the Board decided to utilise a
minimal amount of these reserves to marginally increase this year's dividend,
maintaining the Company's record of annual dividend increases which has been
unbroken since 2007. The ability to use revenue reserves to smooth dividend
payments in this way is one of the benefits of the investment trust structure,
which the Board was happy to take advantage of this year.
The aggregate payment of 4.51 pence per ordinary share represents a 0.22%
increase on the 4.50 pence paid last year. Based on an annual rate of 4.51
pence and a share price of 51.4 pence at the time of writing, this represents
an attractive dividend yield of 8.77%.
As I stress in every report, the Board pays great attention to dividend
payments as we understand how much Shareholders value this aspect of the
Company. As things stand, the Board intends to follow the same pattern of
dividend payments as declared last year, which is to maintain or slightly
increase the total level of dividends next year.
Gearing
During the financial year, the Company entered into a new £45,000,000 loan
facility with BNP Paribas, London Branch, at a competitive rate, replacing the
previous loan facility from Scotia Bank. This facility is due to expire in
December 2025 and we will look to renew at that time. Out of this facility,
£40,000,000 was drawn down as at 30 June 2025 and at the time of writing, the
Company has an effective gearing rate of 12.25%. At present, we believe that
Shareholders will benefit from a modest but meaningful amount of gearing (a
notable advantage of closed-ended funds compared to open-ended) and, all other
things being equal, expect to maintain approximately this level of gearing
during the next financial year.
Share issuance
Taking advantage of the premium rating that the market continued to attach to
the Company's shares, £33,585,000 was raised from new and existing
Shareholders during the financial year, with 66,250,000 ordinary shares issued
from the block listing facility. Shares were only issued when your Investment
Manager was confident that he could invest the additional funds favourably,
while remaining mindful of capacity factors in the high yield bond market.
Issuing shares at a small premium is modestly positive for the Company's NAV,
satisfies the strong demand for shares that we continue to see and also keeps
a lid on the overall share price premium. The Board also believes that, over
time, existing Shareholders will benefit from lower ongoing charges and
greater liquidity in the Company's shares, all other things being equal.
Environmental, Social and Governance ("ESG") statement
The Board's intention is to invest responsibly and to consider the Company's
broader impact on society and the environment. We believe the integration of
ESG factors in the investment process is consistent with delivering
sustainable attractive returns for Shareholders through deeper, more informed
investment decisions. The Board has reviewed and agreed the ESG approach
adopted by the Company and a summary of this is set out in the Annual Report.
Your Board
As I set out in the last Annual Report, Duncan Baxter, who was the Senior
Independent Non-Executive Director and Chair of the Management Engagement
Committee, stepped down at the Annual General Meeting ("AGM") in December last
year and we thank him sincerely for his valuable contribution to the Company.
I am very pleased that Andrew Dann was appointed as Non-Executive Director
with effect from 1 February 2025. This appointment followed a search and
selection process managed by an external independent recruitment consultancy.
Andrew was a previous Chairman and Managing Partner at Ernst & Young
Channel Islands and has over thirty years' experience with local and
international financial services clients, including regulated funds, fiduciary
services businesses and investment management structures. I am delighted to
welcome him to the Board.
Board responsibilities were reviewed following Duncan's departure. Ian Cadby
was appointed Senior Independent Director and also took on the role as Chair
of the Remuneration Committee. John Newlands was appointed Chair of the
Management Engagement Committee.
Wendy Dorman, who joined the Board in March 2016 and is the Audit Committee
Chair, has served for nine years as a Non-Executive Director and is expected
to retire at the conclusion of the forthcoming AGM on 4 December 2025. My
colleagues and I will miss her wise counsel and valuable contributions to the
Board's deliberations.
Andrew is expected to succeed Wendy as Chair of the Audit and Risk Committee
and we plan to recruit another Non-Executive Director, once again using an
external recruitment agency.
Outlook
The portfolio of predominantly high-yield bonds held by your Company offers in
my opinion, strong value for most investors, providing diversification beyond
traditional bond funds and other asset classes. As your investment manager,
Ian Francis, notes in his "Outlook", bonds with longer maturities have been
weak recently. However, this has had only a limited impact on your Company's
holdings, which have an average remaining life of just over three
years-positioning the portfolio to withstand further short-term volatility.
The bonds are also well diversified across issuers and sectors and are subject
to rigorous review by Manulife | CQS Investment Management's credit analysts,
further strengthening their investment case. Overall, I remain optimistic that
your Company will continue to deliver attractive dividends and, over the
longer term, generate some capital appreciation as well.
Caroline Hitch
Chair
18 September 2025
Investment Manager's Review
Introduction
The first six months of our financial year were dominated by the incoming
Labour Government and the new Chancellor's October budget in the UK. There was
intense speculation in the run-up to the budget over what would be the effect
of potential tax raising measures. After these were announced, we saw most UK
companies either postpone or delay their activities resulting in not much
change to output in the UK. We do worry that the UK economy could move into a
period of "stagflation" with inflation being stubborn and little economic
growth. In contrast, during the second six-month period from January to June
2025, eyes were drawn inexorably towards the US, with President Trump's tariff
programme causing disruption amongst global governments, companies and
investors. Global interest rates remain at elevated levels and my view remains
that markets are being far too complacent. Events which would have shocked
markets historically are largely being ignored.
Meanwhile, your Company raised new capital this year as we issued shares at a
premium to NAV. Proceeds have been invested into a wide and diverse range of
sectors and stocks. The overall NAV total return for the 12 months to 30 June
2025 was a positive 6.98%.
Market and economic review
When I wrote the market review for the interim report six months ago, my main
thesis was that bond markets in the UK and the US were focussed on the
increasing costs of financing government deficits, which has since led the
benchmark of 10-year bond yields to increase markedly. This theme has
continued and the costs of financing debt remain high, cutting into the
ability of governments to spend and grow. With inflation also still a factor,
it becomes more difficult for central banks to reduce interest rates. In the
UK, rates reduced by 100 basis points during the full year period to reach
4.25% at the end of June 2025 (since the end of June 2025, the Bank of England
base rate has fallen to 4.00% at the time of writing). In the US, meanwhile,
sticky wage inflation has caused the US Federal Reserve to resist reducing
rates aggressively with only a 1.00% reduction to 4.50% seen in the second
half of 2024. Despite interest rates falling, the UK 10-year gilt yield
increased from 4.13% at the end of June 2024 to 4.48% at the end of June 2025.
There is a similar problem in the US, with the10-year bond moving over the
same period from 4.29% to 4.35%.
In both the UK and US, equity markets have remained remarkably resilient in
the face of higher interest rates and increasing tariffs. The UK economy has
seen marginal improvements over the last few months. However, investor
confidence is weaker than the same time last year, as global trade
protectionism and UK government policies are encouraging companies to cut
staff due to higher employment costs and lack of improving productivity.
Data from the eurozone is not much better, as it deals with a slowing services
sector and a manufacturing sector that is just about registering growth.
Germany appears to be improving, while France is still in the doldrums.
Employment in the eurozone is roughly constant, as the region's outlook
appeared to be improving due to the major factor of recent falls in energy
prices.
Meanwhile, the US economy has continued to show growth throughout our
financial year. However, an element of uncertainty was seen in the private
sector due to prices for goods jumping sharply as tariff increases were passed
down the line. This occurred in both the manufacturing and service sectors;
none of which would encourage the Federal Reserve to cut rates anytime soon.
President Trump is continuing to pile pressure on US Fed Chair Powell to cut
rates, publicly blaming him for the upcoming problems in the economy.
Portfolio and revenue review
The largest positions in the portfolio were fairly stable over the course of
our financial year. Our Virgin Money 22-08/12/2170 FRN position was repaid
early in June 2025 and we have been selling down our exposure to the Co-op
Bank Holdco 23-22/05/2034 FRN at good prices over the last few months.
Together with some other early repayments and new monies from the share
issuance programme, we have been investing into a wide range of investments
such as Tullow Oil Plc 10.25% 21-15/05/2026, Selecta Group BV 8%
20-01/04/2026, Newcastle Building Society 24-06/06/2173 FRN, Cruise Yacht Upp
11.875% 24-05/07/2028, Priority1 Issuer 12.625% 24-19/11/2027, Boparan Finance
9.375% 24-07/11/2029 and Zopa Group 12.875% perpetual.
New entries into the portfolio's top 10 this year were: Bellis Acquisition
8.125% 24-14/05/2030, which is the finance vehicle that funded the purchase of
Asda in the UK; Azerion Group 23-02/10/2026 FRN, a Dutch online advertising
company; and REA Finance 8.75% 15-31/08/2025 which we have held for many years
and whose loan was repaid at the end of August 2025.
Although the portfolio had a good year generally, one of our newer purchases,
Selecta Group BV 8% 20-01/04/2026, has been through a turbulent refinancing
process which has caused our investment to lose around 68% of its value. This
has resulted in a -0.97% impact on NAV. When we invested in the company, a
leading vending machine operator headquartered in Switzerland, we were fully
aware of the refinancing process but did not anticipate the level of impact it
would have on its senior bonds. We are monitoring the position closely and
hope to reclaim some of the lost value.
Sterling has been stronger over the last year, especially against the US
dollar where we have 17.31% exposure in the portfolio. Although this has some
associated capital and revenue costs, we like the underlying investments and
believe that interest rates will reduce in the UK over the next 12 months,
which should mean we see some currency gains. The Company has a further 13.31%
invested in Euro dominated securities and other currencies.
For the year to 30 June 2025, the revenue account earnings were 4.43 pence
compared to 4.50 pence for the same period last year. Earnings per share were
reasonably stable during the year with one company, Selecta Group as noted
above, missing its coupon payments. Together with a stronger Sterling, this
contributed towards the slight dip in revenue earnings.
That being said, we are comfortable with the Company's revenue account going
forwards. In our regular discussions with Shareholders, the Company's revenue
and dividends are topics of crucial importance and the ability of any
portfolio company to pay its coupon or expected dividend on time is one of the
major indicators that we continue to follow.
Outlook
With 30 year Government bond yields across the Western world at close to 25-30
year highs, inflation proving sticky and the US imposing tariffs, global
geopolitics are not improving anytime soon. This is not the end of the world
however as long bonds are always more susceptible to inflation and investors
therefore shun them in favour of shorter durations under 5 years. The current
duration of the portfolio is just over 3 years. Another point of note is
despite all the negative comment about what may or may not be part of the late
November UK budget, recent UK Gilt issues have been over-subscribed multiple
times, showing the market believes in the longer term the size of State
intervention can be reined in.
Overall, there are opportunities in the corporate sector both in the UK,
Europe and Scandinavia and with the economy in the US slowing, inflation there
is expected to fall. These factors offer a more positive view of bond markets
over time than those we are focusing on in the very short term.
Ian "Franco" Francis
New City Investment Managers
18 September 2025
Investment Portfolio
As at 30 June 2025
Company Sector Valuation £'000 Total investments %
SHAWBROOK GROUP 22-08/06/2171 FRN Financials 13,843 4.21
TVL FINANCE 10.25% 23-28/04/2028 Consumer discretionary 12,955 3.94
RL FINANCE NO6 23-25/11/2171 FRN Financials 11,879 3.61
STONEGATE PUB 10.75% 24-31/07/2029 Consumer discretionary 11,390 3.46
GALAXY BIDCO LTD 8.125% 24-19/12/2029 Financials 11,196 3.40
AGGREGATED MICRO 8% 16-17/10/2036 Energy 10,407 3.16
REA FINANCE 8.75% 15-31/08/2025 Consumer staples 9,591 2.92
BARCLAYS PLC 22-15/12/2170 FRN Financials 9,472 2.88
BELLIS ACQUISITION 8.125% 24-14/05/2030 Financials 9,413 2.86
AZERION GROUP 23-02/10/2026 FRN Communication services 8,816 2.69
Top ten investments 108,962 33.13
BOPARAN FINANCE 9.375% 24-07/11/2029 Financials 8,467 2.57
NEXTENERGY SOLAR FUND LTD Energy 7,394 2.25
CLOSE BROS GRP 23-29/05/2172 FRN Financials 6,698 2.04
ENQUEST PLC 11.625% 22-01/11/2027 Energy 6,683 2.03
CO-OP BANK HOLDCO 23-22/05/2034 FRN Financials 6,461 1.96
PINNACLE BIDCO P 10% 23-11/10/2028 Consumer discretionary 6,335 1.93
3T GLOBAL 11.25% 24-22/05/2028 Consumer discretionary 6,024 1.83
MFG/MRH MOTFUE TL B10 1LB Consumer discretionary 5,963 1.81
FRONTLINE PLC Energy 5,826 1.77
M&G PLC Financials 5,655 1.73
Top twenty investments 174,468 53.05
CRUISE YACHT UPP 11.875% 24-05/07/2028 Consumer discretionary 5,471 1.66
SUMMER BC HOLDCO 9.25% 19-31/10/2027 Industrials 5,414 1.65
PHOENIX GROUP HOLDINGS PLC Financials 5,260 1.60
TULLOW OIL PLC 10.25% 21-15/05/2026 Energy 5,032 1.53
LLOYDS BANKING 14-29/12/2049 FRN Financials 4,943 1.50
SP CRUISES INTER 11.5% 25-14/03/2030 Consumer discretionary 4,779 1.45
REA HOLDINGS PLC -PREF SHARES Consumer staples 4,719 1.44
GARFUNKELUX HOLD 7.75% 20-01/11/2025 Financials 4,656 1.42
ASTON MARTIN 10.375% 24-31/03/2029 Consumer discretionary 4,653 1.41
VIRGIN MONEY 23-08/06/2172 FRN Financials 4,614 1.41
Top thirty investments 224,009 68.12
AAREAL BANK AG 25-31/07/2173 FRN Financials 4,487 1.36
BLUEWATER HOLD 12% 22-10/11/2026 Energy 4,400 1.34
STONEGATE PUB 24-31/07/2029 FRN Consumer discretionary 4,348 1.32
SHERWOOD FINAN 9.625% 24-15/12/2029 Financials 4,297 1.31
SIGMA HOLDCO 8.625% 25-15/04/2031 Consumer staples 4,289 1.30
ZOPA GROUP LTD 25- FRN Financials 4,231 1.29
NEWCASTLE BUILDING SC 24-06/06/2173 FRN Financials 3,935 1.20
PRIORITY1 ISSUER 12.625% 24-19/11/2027 Industrials 3,861 1.17
OSB GROUP 23-07/09/2028 FRN Financials 3,241 0.99
BARCLAYS PLC 23-15/06/2171 FRN Financials 3,228 0.98
Top forty investments 264,326 80.38
DORIC NIMROD AIR THREE LTD Industrials 3,038 0.92
BOS GMBH 25-25/06/2029 FRN Consumer discretionary 2,942 0.89
BOOSTER PRECISIO 22-28/11/2026 SR Industrials 2,927 0.89
WHEEL BIDCO 9.875% 21-15/09/2029 Consumer discretionary 2,764 0.84
COVENTRY BDG SOC 24-11/12/2172 FRN Financials 2,615 0.80
UTB PARTNERS PLC 25-30/05/2173 FRN Financials 2,563 0.78
CHANNEL ISLAND PROPERTY FUND Real estate 2,400 0.73
QUILTER PLC 23-18/04/2033 FRN Financials 2,399 0.73
ITHACA ENERGY N 8.125% 24-15/10/2029 Energy 2,282 0.69
GREENFOOD AB 24-13/11/2028 FRN Consumer staples 2,224 0.68
Top fifty investments 290,480 88.33
TUFTON OCEANIC ASSETS LTD Industrials 2,222 0.68
INVESTEC 24-28/08/2172 FRN Financials 2,201 0.67
WELLTEC INTL 8.25% 21-15/10/2026 Energy 2,196 0.67
GAMING INNOV 23-18/12/2026 FRN Information technology 2,187 0.67
LIFEFIT GROUP 24-29/08/2029 FRN Consumer discretionary 2,183 0.66
ENQUEST PLC 9% 22-27/10/2027 Energy 1,895 0.58
RM INFRASTRUCTURE INCOME PLC Financials 1,870 0.57
DEUTSCHE BANK AG 14-30/05/2049 FRN Financials 1,791 0.54
ATTICA BANK SA 25- FRN Financials 1,790 0.54
WEST BROMWICH BS 18-20/08/2172 Financials 1,776 0.54
Top sixty investments 310,591 94.45
UTB PARTNERS PLC 12.95% 23-31/03/2034 Financials 1,560 0.47
EUROBANK ERGASIA 22-06/12/2032 FRN Financials 1,475 0.45
VAN LANSCHOT 24-01/04/2172 FRN Financials 1,392 0.42
NEWRIVER REIT PLC Real estate 1,371 0.42
SHAMARAN 12% 21-30/07/2029 Energy 1,096 0.33
DIVERSIFIED ENERGY CO PLC Energy 1,091 0.33
ATOM HOLDCO 11.5% 24-08/01/2035 Financials 1,023 0.31
NOR5KE VIKING I 15% 21-05/05/2049 Information technology 882 0.27
REA TRADING 13.50% 21-30/09/2027 Consumer discretionary 842 0.26
BEELUX SARL 25-14/03/2028 FRN Industrials 827 0.25
Top seventy investments 322,150 97.96
Other investments (62) 6,694 2.04
Total investments 328,844 100.00
( )
Ten Largest Holdings
Valuation Purchases Sales Revaluation gain/(loss) Valuation
30 June 2024
£'000
£'000
£'000
30 June
£'000
2025
£'000
SHAWBROOK GROUP 22-08/06/2171 FRN
A holding company of Shawbrook Bank Limited, a specialist lending and savings
bank serving consumers in the UK.
13,378 - - 465 13,843
TVL FINANCE 10.25% 23-28/04/2028 9,379 4,099 - (523) 12,955
A special purpose entity formed for the purpose of issuing debt securities to
repay existing credit facilities, refinance indebtedness and for acquisition
purposes of Travelodge Group.
RL FINANCE NO6 23-25/11/2171 FRN 11,241 - - 638 11,879
A special purpose entity set up to raise capital whose proceeds will be used
for general business and commercial activities of Royal London.
STONEGATE PUB 10.75% 24-31/07/2029 - 11,423 - (33) 11,390
Operator of various formats ranging from high‑street pubs and traditional
country inns to local community pubs, student pubs and late-night bars and
venues in the UK.
GALAXY BIDCO LTD 8.125% 24-19/12/2029 - 11,000 - 196 11,196
A specialist provider of warranties for consumer electric products.
AGGREGATED MICRO 8% 16-17/10/2036 10,366 - (336) 377 10,407
A British company using small scale, established technologies to convert wood
and waste into energy in the form of heat and electricity.
REA FINANCE 8.75% 15-31/08/2025 8,526 - - 1,065 9,591
An agricultural company specialising in sustainable palm oil cultivation and
processing.
BARCLAYS PLC 22-15/12/2170 FRN 9,199 - - 273 9,472
A global financial services provider engaged in retail banking, credit cards,
wholesale banking, investment banking, wealth management and investment
management services.
BELLIS ACQUISITI 8.125% 24-14/05/2030 - 9,523 - (110) 9,413
Operates as a special purpose entity. The Company was formed for the purpose
of issuing debt securities to repay existing credit facilities, refinance
indebtedness, and for acquisition purposes.
AZERION GROUP 23-02/10/2026 FRN 6,813 2,003 - - 8,816
Operates a high-growth and profitable digital entertainment and media
platform.
68,902 38,048 (336) 2,348 108,962
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